Ms. Lisa Wilkinson reports

CENTERRA GOLD ANNOUNCES TSX ACCEPTANCE OF RENEWED NORMAL COURSE ISSUER BID

The Toronto Stock Exchange has accepted Centerra Gold Inc.'s renewal of a normal course issuer bid (NCIB) to purchase for cancellation up to an aggregate of 18,293,896 common shares in the capital of the company during the 12-month period commencing on Nov. 7, 2023, and ending on Nov. 6, 2024, representing approximately 8.48 per cent of Centerra's total issued and outstanding common shares, or 10 per cent of the public float. As of Oct. 31, 2023, Centerra had 215,807,212 issued and outstanding common shares.

Under the NCIB, daily purchases would be limited to 191,219 common shares, other than purchases made under block purchase exemptions. Once the NCIB is commenced, the exact timing and amount of any purchases will depend on market conditions and other factors. Centerra will not be obligated to acquire any common shares and may suspend or discontinue purchases under the NCIB at any time. Any purchases made under the NCIB will be made at market price at the time of purchase through the facilities of the TSX and/or alternative Canadian trading systems, in accordance with applicable securities laws and stock exchange rules. The company's previous NCIB, in respect of which the company sought and received approval from the TSX, authorized the purchase of up to 15,610,813 common shares and expired on Oct. 12, 2023. A total of 5,298,200 common shares of the company were repurchased through the facilities of the TSX and alternative Canadian trading systems at a volume-weighted average price of $7.44 per common share under the company's previous NCIB.

Centerra intends to establish an automatic share purchase plan in connection with its renewed NCIB to facilitate the purchase of common shares during times when Centerra would ordinarily not be permitted to purchase common shares due to regulatory restrictions or self-imposed blackout periods. Before entering a blackout period, Centerra may, but is not required to, instruct its designated broker to make purchases under the NCIB based on parameters set by Centerra in accordance with the automatic share purchase plan, applicable securities laws and stock exchange rules. Centerra believes that the common shares continue to trade in a price range which does not adequately reflect the value of such shares in relation to Centerra's assets and its future prospects. As a result, Centerra believes that the NCIB will provide the company with a flexible tool to deploy a portion of its cash balance pursuant to its capital allocation framework to, depending upon future common share price movements and other factors, purchase common shares for cancellation while preserving its strong balance sheet position.

About Centerra Gold Inc.

Centerra is a Canadian-based gold mining company focused on operating, developing, exploring and acquiring gold and copper properties in North America, Turkey and other markets worldwide. Centerra operates two mines: the Mount Milligan mine in British Columbia, Canada, and the Oksut mine in Turkey. Centerra also owns the Goldfield district project in Nevada, United States, and the Kemess underground project in British Columbia, Canada, and owns and operates the molybdenum business unit in the United States and Canada. Centerra's shares trade on the Toronto Stock Exchange under the symbol CG and on the New York Stock Exchange under the symbol CGAU. Centerra is based in Toronto, Ont., Canada.

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